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One Simple Way for Retirees to Save on Prescription Drugs | Time by Mark Miller

Published: November 03 2014

Just over one in 10 seniors decide to switch Medicare drug plans during fall open enrollment. But nearly half of those who do save money. Here’s how to shop for the best deal.

Your Medicare prescription drug plan sent you a letter recently. Chances are, you didn’t read it—and that could be costing you money.

Health insurance companies must send an annual notice of changes for the coming year to Part D prescription drug and Part C Medicare Advantage plans. The notice, which must be delivered to you by Sept. 30 each year, details changes in premiums and co-pays, and lets you know whether your medication will be covered in the year ahead.